Hollywood
American digital companies make Asian gains at Hong Kong’s FILMART
MUMBAI: US film and digital companies did brisk business at the recent Hong Kong International Film & TV Market (FILMART), signing several deals to take American content to the Chinese mainland and Asia.
The Chinese film industry grew 27.5 per cent to finish 2013 on $3.5 billion, while cinema admissions surged to a new high of 610 million, up from 470 million. A total of 3,627 new screens were added in 2013, approximately 10 new screens per day.
This year’s FILMART drew a record number of more than 7,100 buyers to the event, the largest of its kind in Asia. The four-day show ended 26 March, and gathered more than 780 exhibitors from over 30 countries and regions. It was organised by the Hong Kong Trade Development Council (HKTDC).
Representing the US were nearly 50 exhibitors, including 26 organised by the US Independent Film & TV Alliance. On the sourcing side, the US Commercial Service brought 11 missions comprising over 200 buyers from across Asia to FILMART to do business with US exhibitors.
“Each year I discover new clients and new opportunities at Hong Kong FILMART. This year, the buyers in the Philippines and Malaysia had a stronger presence than in years past. FILMART is not only useful for sales agent/distributor meetings. We were able to meet up with production partners from Singapore as well,” said US-based Fortitude Films vice president, international division Katie Irwin.
Announcements from US companies started appearing on the eve of the annual fair. 21st Century Fox will invest in a Hong-Kong-themed mini-series called Guilty as Sin set to begin production shortly.
Additionally, India’s JDR Films purchased Hollywood’s Arclight Film’s Jungle Nest, while Vietnam’s Galaxy Studios also acquired the title. US company Shoreline Entertainment clinched its first deal in Asia when it sold The Incident, an acclaimed science fiction thriller, to Japan’s Zazie Films on day-two of FILMART. US-based Film Financial Services signed a cooperation agreement with Citic Guoan, the movie unit of China conglomerate Citic Group, to produce a $40 million 3D fantasy called An’shu.
FILMART is one of several international trade events that will be held in Hong Kong ahead of the 10 June Think Asia, Think Hong Kong (TATHK) promotional event in Chicago. A TATHK event will also be held in Toronto on 8 June.
Hollywood
David Zaslav could net up to $887m as Warner Bros Discovery sells up
Media mogul strikes gold as Paramount Skydance deal triggers massive windfall
NEW YORK: While the average office worker might hope for a nice clock and a round of applause upon leaving, David Zaslav is looking at a slightly more substantial parting gift. The chief executive officer of Warner Bros Discovery is positioned to receive a windfall of up to $887 million following the company’s blockbuster $110 billion sale to Paramount Skydance.
In a twist of corporate fate that feels scripted for the big screen, the deal marks the finale of a high-stakes bidding war. It comes after Netflix, once the frontrunner, decided to exit stage left and abandon its pursuit of the HBO Max parent company.
While most people receive a standard final paycheck, the filing released on Monday suggests Zaslav’s exit package is built a little differently. If the deal closes as expected in the third quarter of 2026, the numbers break down like this:
The cash out: A severance package of $34.2 million, covering his salary and bonuses.
The equity: $115.8 million in vested shares he already owns.
The future fortune: A massive $517.2 million in unvested share awards, essentially “future stock” that turns into real money the moment the ink dries on the merger.
Perhaps the most eye-catching figure is the $335 million earmarked for tax reimbursements. However, this particular pot of gold has an expiration date.
The company noted that these reimbursements are tied to specific tax-code rules that significantly decline as time passes. If the deal hits a snag and drags into 2027, that tax payout drops to zero. With hundreds of millions on the line, the chief executive officer likely has every incentive to ensure the closing process moves at double-speed.
